Lender-partners have the opportunity to proactively verify key mortgage product features as displayed on the Mortgage Brain sourcing system, and it is the only system to offer this capability. Accord Mortgages will begin to verify its products later this year, and is also in discussions as to when it will be ready to make its mortgage application process available through the Mortgage Trading Exchange, the electronic trading and compliance platform. Development will commence with immediate effect and launch live to the intermediary community during 2004. Furthermore, the ability to offer penny accurate KFI’s direct from the lender is in development and will be available to Accord Mortgages and all lender-partners.
Accord Mortgages will follow Alliance & Leicester, Halifax, Nationwide, Northern Rock and UCB, who are all now accepting electronic mortgage transactions via the Mortgage Trading Exchange. Bank of Scotland, NatWest, Royal Bank of Scotland and Woolwich will also be announcing their capability over the coming months.
Mark Lofthouse, CEO, Mortgage Brain said, “This agreement with Accord Mortgages shows that being able to verify product information as well as accept electronic applications has become an integral part of business strategy for many lenders. As we move into a regulated environment, accuracy of information, Key Facts Illustration production, cost and administration have never been more important, and being a lender-partner helps address these key issues. We are very pleased to welcome on board Accord Mortgages, and look forward to a long term, mutually beneficial partnership.”
Linda Will, Managing Director of Accord Mortgages said, “Accord Mortgages already receives over 60% of applications online and we look forward to increasing this through our link with the Mortgage Trading Exchange.”
